Fri, Jul 10, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

BEX Capital raises $365 million for fund-of-funds secondaries

Thursday, April 11, 2019
Opalesque Industry Update - BEX Capital, the first investment firm focused exclusively on fund-of-funds (FoF) secondaries, today announced the close of BEX Fund III, with total commitments of $365 million.

This was the first and final close of BEX Fund III, with fundraising completed in the space of four months. BEX Capital received strong support from existing investors with over 90% returning to commit to BEX Fund III. The fund was substantially oversubscribed and closed in excess of its original target of $280 million.

As per its predecessors, BEX Capital's third fund will acquire positions in private equity FoFs, secondary funds and co-investment funds, with a strong bias towards mature markets and assets. At $365 million, it is the largest pool of capital solely dedicated to FoF secondaries. The fund will make individual investments ranging from $1 million to $500 million. At the larger end of this scale, BEX Capital will draw support from its core group of investors.

BEX Capital has also introduced the concept of 'X shares', a class of shares solely open to NGOs and major non-profit foundations. These investors do not pay any fees nor are they charged carried interest, so they can fully benefit from the fund's performance and reinvest the gross return into supporting their mission.

Benjamin Revillon, Founder and Managing Partner, commented, "The speed with which our investors, existing and new, decided to commit to our third fund is a great validation of BEX Capital's performance. We're honoured to be backed by such a high-quality group of investors, including many private equity industry luminaries.

"We're also proud to be able to give modest support to our NGO investors by providing them with a return on capital free of charge. We hope that this concept of X shares will be replicated by other investment firms as a way to contribute to society and build bridges between finance and the non-profit world."

Erwin Roex, Managing Partner, added, "Investor enthusiasm has allowed us to almost triple our fund size 20 months after having closed BEX Fund II. This means we can operate more effectively in our FoF secondaries niche and access transactions that were previously beyond our scope."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. PE/VC: Disruption from COVID-19 hits ASEAN private equity hard, VCs see much to like in Democrats' $1.5tn Moving Forward Act, US PE firms play the long game as deal-making comes back into focus[more]

    Disruption from COVID-19 hits ASEAN private equity hard Opalesque Industry Update - After a strong 2019, the ASEAN private equity industry has been shaken by the outbreak of the COVID-19 pandemic, reports Preqin. As of September 2019, ASEAN-focused private equity and venture capital asset

  2. Coronavirus crisis: PE industry mulls more realism and longer holding periods[more]

    Laxman Pai, Opalesque Asia: More realism, longer holding periods and an advantage for investors with a long-term focus - these are the main changes that investment managers in the German private equity market expect as a result of the coronavirus crisis. The PE transaction activity is not exp

  3. Multi-strategy hedge funds post double-digit gains, Tiger Global, Coatue score double-digit fund gains in 2020, Lone Pine soars after losses earlier this year, Can Pershing Square's standout year continue?[more]

    Multi-strategy hedge funds post double-digit gains From FT: Large multi-strategy hedge funds have posted double-digit gains for the first half of the year, reversing losses from March, as markets defied the economic downturn brought on by the coronavirus pandemic. Citadel Advisors

  4. Tech: Pandemic boosts digitalisation across the fund industry, The India-China bust up and what it may mean for tech, Machine learning goes global[more]

    Pandemic boosts digitalisation across the fund industry From International Investment: The pandemic has certainly accelerated change and digitalisation in ways that we never imagined, including the funds industry in Luxembourg. Business Continuity Planning and Disaster Recovery Pl

  5. New Launches: Hedge fund Marshall Wace will bet on ESG stocks with new $1bn fund, Stafford Capital raises initial $532m for ninth timberland fund, Nalanda Cap eyes $800m fund, China's Unity Ventures hits first close on US dollar fund[more]

    Hedge fund Marshall Wace will bet on ESG stocks with new $1bn fund From Forbes: Hedge fund Marshall Wace plans to raise $1 billion for a new fund that will invest in stocks with strong environmental, sustainability and governance (ESG) ratings while betting against stocks with poor rating